Morgan Stanley

China National Bluestar (Group) Co paid a handsome new issue premium for a $300m senior perpetual bond amid weak sentiment for the structure, as its deal caused a widening in the broader Chinese senior perp market.

India’s Rural Electrification Corp pushed into the US market on Wednesday with its first 144A deal, to diversify its investor base. The power financing company decided to keep the $700m deal to one tranche and opted to leave some premium for investors.

A stunning rally in Innovent Biologics caught the market’s attention this week, after the shares surged as much as 46% following their debut in Hong Kong on Wednesday. But whether it marks a turning point for the city’s biotechnology listings — which have performed dismally in the secondary market so far — is less clear, writes John Loh.

Four mainland technology companies kicked off pre-deal investor education for their Hong Kong IPOs on Monday, gauging the market’s appetite ahead of bookbuilding in early November, according to sources close to the listings.

GE Capital’s former Mexican equipment finance business, known as Engenium Capital, is set to give Latin American debt markets a new test with a proposed subordinated perpetual bond offering.

Philippine conglomerate San Miguel Corp raised Ps34.1bn ($634.2m) on Thursday after selling shares in subsidiary San Miguel Food and Beverage at the bottom of the price guidance.

Innovent Biologics, the fourth issuer to ride the wave of Hong Kong’s biotechnology IPOs, was so popular with institutional investors that allocations caused a headache, said bankers.

With the spat between Italian government and the Europe Commission over the former's budget rocking bond markets, windows of opportunity for new deals have been few and far between. But A-/A3/A- rated German utility company EnBW and AA-/Aa3/AA- rated Procter & Gamble raised bonds on Wednesday, as a flight to safety gave the transactions the required lift.

Summit Partners has launched the first selldown of shares in Avast, the Czech cyber security company, since its £602m IPO on the London Stock Exchange in May.

Distribuidora Internacional de Alimentación, a recently downgraded Spanish discount food retailer that issued a profits warning last week, saw its outstanding bonds fall further in the secondary market despite providing a glimmer of good news.

Arima Real Estate, a newly created Spanish real estate investment trust, has managed to get its IPO over the line, but with a much smaller deal size than originally intended.

Shares in Funding Circle, the UK peer-to-peer lending platform, rose more than 5% on Friday morning after the company posted its first quarterly earnings since its £300m IPO on the London Stock Exchange at the start of October.